Overview
Partner Patrick McCurry lead a session entitled ‘Tax Reform: What Brewers Should Know’ at BrewExpo America’s Craft Brewers Conference, hosted in Nashville on April 30 – May 3, 2018. This session provided an overview of the Tax Cuts and Jobs Act of 2017 and how this new law is likely to affect many Brewers Association (BA) members over the next several years.
The Tax Cuts and Jobs Act of 2017 (“Tax Act”) is the most comprehensive revision to the Internal Revenue Code since 1986. While the Brewers Association focuses on industry-specific excise tax measures, every brewer, supplier, distributor, and retail member is uniquely affected by other major changes in federal tax laws. The Tax Act affects the tax liability of individuals, trusts, partnerships, LLCs, and corporate entities. In addition, plans for expansion, acquisition of new equipment, exit strategies, and other fundamentals should be reviewed carefully to maximize benefits and avoid pitfalls of the new law.